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Got my FICO score 666, am I at a plateau with the following info?

New Visitor

Got my FICO score 666, am I at a plateau with the following info?

Hello I have a few questions I am 24yr old, and ran my FICO via experian showing a 666 lucky me. Here is my situation
 
I have 3 credit cards
CC 1 = 445$ Balance  [HSBC]
CC 2= 3,956$ Balance [Wells Fargo]
CC 3= 334$ Balance [Chase Circuit City]
 
I have Sallie Mae student loans
27k
those will be with me for awhile.
 
 
I have a few questions, I plan on paying off CC 1 this month, when I pay it off should I close it. I Plan on paying of CC 3 this month too. What will it take to push to 700 is this possible?  I know this student loan will be with me for awhil, but what can I currently do to raise my FICO? Shall I open up another small CC and keep the balance low and keep paying on it? Thanks in advance!
Message 1 of 6
5 REPLIES
Frequent Contributor

Re: Got my FICO score 666, am I at a plateau with the following info?

From what I am reading here on the forums is
you want your credit cards too show low utilization
like 10% of the credit amount available or lower.
 
Message 2 of 6
Valued Contributor

Re: Got my FICO score 666, am I at a plateau with the following info?

Pay your balances down to $20 or so. You want to keep a small balance. You can even PIF some months, just make sure something, even a buck or two, gets reported. Reducing those balances should give you a significant score increase.

I would get another CC...manage it the same way, keep the balance less than 10% of the credit limit. Doesn't matter if the CL is low and you have to charge a six-pack of soda at the convenience store. Anything to maintain a tiny balance.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 3 of 6
New Visitor

Re: Got my FICO score 666, am I at a plateau with the following info?

Okay I am going to pay them off CC 1/3 and leave a small balance in there say around 50 or so and just pay on them slowly.
 
What is a good small credit card that you can recommend? Maybe a gas card or something, do you think I can reach 700 with these improvements?
Message 4 of 6
Moderator Emeritus

Re: Got my FICO score 666, am I at a plateau with the following info?

Try Amex Delta (assuming you have no BK).
Message 5 of 6
Senior Contributor

Re: Got my FICO score 666, am I at a plateau with the following info?

If you decide to leave balances on accounts just make sure there are no more than 3 which show a balance. This includes installment loans which includes personal lines of credit car loans and mortgages. That leaves one credit card to report a balance. Only 1. Message Edited by smallfry on 07-15-2007 08:30 AM

Message Edited by smallfry on 07-15-2007 08:32 AM
Message 6 of 6